At the Alamein Africa Forum in Egypt, a significant call was made by African leaders and business figures to maximize the use of domestic capital for the continent’s economic growth, aiming to lessen dependence on external funding. The forum gathered over 20 heads of state, government representatives, business leaders, bankers, and development institutions, all emphasizing the need for Africa to harness its resources more effectively.
Egyptian President Abdel Fattah Al-Sisi highlighted the vital role of the private sector in Africa’s economy, while noting its strong connections to markets outside the continent. He urged African businesses to explore opportunities within Africa and foster stronger cross-border collaborations to drive economic progress.
The African Union Commission Chairperson, Mahmoud Ali Youssouf, presented data showing intra-African trade reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. This represented a 12.4% growth in intra-African trade over the year, underscoring the growing potential for economic integration within the continent.
The forum also set a biennial schedule to address critical areas such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. This recurring event aims to provide a platform for continuous dialogue and strategic planning to enhance Africa’s self-reliance and economic development.